The collapse of the Dubai dream is not without any implications; it may be an indication that the travails of Finance capitalism are not over. GLOBAL capitalism is in a phase in which it must deal with the fruits of the overextension during the previous boom, and there is no doubt that this is going to be painful. The financial crisis in the United States and some other developed countries...

Government and regulators need to focus on the systemic risk engendered by excessive compensation. As calendar year 2009 draws to a close, it is bonus season for the financial sector in the West. In the last several months, the need to cap bonuses and compensation packages has been extensively discussed in the context of limiting the future impact of the next financial sector breakdown. On December 9, 2009, the UK was...

Cutting emissions drastically is neither easy nor cheap, so the developed world is looking for scapegoats. As you read this, a deal is possibly being signed at Copenhagen to save the world from climate change. But be very clear. The agreement which the world has waited for is not going to be either an effective deal or a fair deal to reduce emissions in the world. The reason is clear: The...

A professor in formal attire, driving his own Beetle to the sprawling Massachusetts Institute of Technology (MIT) campus and turning up in class to “open up visions of his students” — that’s how Bengal finance minister Asim Dasgupta remembers his teacher, Paul A. Samuelson. Samuelson, who helped form the basis of modern economics, died yesterday at his home in Belmont, Massachusetts, after a brief illness. He was 94. “He was a...

Talks under way at the historic United Nations climate change conference in Copenhagen, Denmark, have entered the drafting phase towards reaching a final agreement. The two-week summit in the Danish capital entered its fourth day today, and negotiators have only a few days to wrap up their work before the start of the high-level segments next week, which will draw government ministers and heads of State. The UN Framework Convention...